10-Q Filing

KOSS CORP CIK: 56701 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0000056701-21-000015`
Period End Date	20210331
Filing Date	20210513
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	koss-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 54 Cash Flow Statement 52 Stockholders Equity 26

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$74.08K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$50.55K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.06M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $50,555 and $74,082, respectively	`AccountsReceivableNetCurrent`	$2.32M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $50,555 and $74,082, respectively	`AccountsReceivableNetCurrent`	$1.96M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.52M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Inventories, net	`InventoryNet`	$6.86M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.54M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$480.13K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.52M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$267.65K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$10.55K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$14.62K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.14M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$983.64K	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.31M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.38M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.58M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$7.15M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.88M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.46M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.53M	USD	Point-in-time
Total assets	`Assets`	$22.58M	USD	Point-in-time
Total assets	`Assets`	$26.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$827.71K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$950.30K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$580.10K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$811.01K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$423.64K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$568.18K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$285.90K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$276.95K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$506.70K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.62M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.39M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.33M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$170.28K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$175.78K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.09M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.31M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.66M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.81M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.42M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.28M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 8,516,823 and 7,404,831, respectively	`CommonStockValue`	$37.02K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 8,516,823 and 7,404,831, respectively	`CommonStockValue`	$42.58K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$10.46M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.88M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.19M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.83M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.58M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$26.17M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$14.13M	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$4.79M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$3.99M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$14.36M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.20M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.06M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.57M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$9.45M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.42M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.30M	USD	3 Qtrs
Gross profit	`GrossProfit`	$4.67M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.39M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.94M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.69M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.27M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-854.06K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-721.53K	USD	3 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$-637.66K	USD	3 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$-97.90K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$885.50K	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$378.81K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$1.14K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$1.75K	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNonoperatingNet`	$6.63K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$19.95K	USD	3 Qtrs
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$165.72K	USD	3 Qtrs
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-474.12K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-91.27K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-617.71K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$4.07K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$6.12K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$49.00	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$6.10K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-474.17K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-97.37K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-623.84K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$161.65K	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.08	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.10M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.63M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.10M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.19M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	3 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-474.17K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-97.37K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-623.84K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$161.65K	USD	3 Qtrs
Recovery of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-8.94K	USD	3 Qtrs
Recovery of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-171.00	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$258.40K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$223.00K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$464.03K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$428.23K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$13.28K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$169.96K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$156.40K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$37.02K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$173.00K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$112.50K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$112.50K	USD	3 Qtrs
Other income - SBA loan forgiveness	`OtherNoncashIncome`	$506.70K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-355.53K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-110.70K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.32M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.86M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$254.61K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$212.48K	USD	3 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-35.43K	USD	3 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-4.07K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.03M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$122.60K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$230.91K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-15.62K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-203.96K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$150.04K	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-435.36K	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$339.79K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$546.66K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$391.15K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$112.96K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$103.89K	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-650.55K	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-504.11K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.12M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.12M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-164.32K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.03M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.03M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.03M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.06M	USD	Point-in-time

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	8.52M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.83M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-474.17K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-97.37K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-623.84K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$161.65K	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$428.23K	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$154.28K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$464.03K	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$143.33K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.03M	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.12M	USD	3 Qtrs
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.83M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	8.52M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.